Fourth Quarter 2026 (Q4 Fiscal 2026 MD&A)

‌Q4 2026

Management Discussion and Analysis

of Financial Condition and Results of Operation

For the Three and Twelve Months ended June 30, 2026 and June 30, 2025

The following Management Discussion & Analysis ("MD&A") dated as of September 23, 2026 presents an analysis of the consolidated financial condition of WildBrain Ltd. and its subsidiaries (together referred to as "WildBrain", the "Company", "we", "our" or "us") as at June 30, 2026 compared to June 30, 2025, and the consolidated results of operations for the three months and year ended June 30, 2026 compared with the corresponding three months and year ended June 30, 2025. This MD&A should be read in conjunction with the Company's consolidated financial statements and related notes for the year ended June 30, 2026. Unless otherwise noted, the financial information reported herein is derived from the audited consolidated financial statements, which are prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board ("IFRS Accounting Standards"), and are presented in thousands of Canadian Dollars, except per share amounts and as otherwise indicated. Some figures and percentages may not total exactly due to rounding.

This MD&A refers to certain financial measures that are not determined in accordance with IFRS Accounting Standards. Although these measures do not have standardized meanings and may not be comparable to similar measures presented by other companies, these measures are defined herein or can be determined by reference to our consolidated financial statements. The Company discusses these measures because it believes that they assist the reader in better understanding operations and key financial results.

WildBrain is a public company whose common shares are traded on the Toronto Stock Exchange ("TSX") under the ticker 'WILD'. Headquartered in Toronto, Canada, WildBrain has offices worldwide.

Further information about the Company can be found on our website at https://www.wildbrain.com or on SEDAR+ at https://www.sedarplus.ca.

Certain statements contained in this MD&A and documents referenced herein constitute "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation (collectively herein referred to as "forward-looking statements"), including the provincial securities legislation in Canada. These statements relate to future events or future performance and reflect the Company's expectations and assumptions regarding the growth, results of operations, performance and business prospects and opportunities of the Company and its subsidiaries. Forward looking statements are often, but not always, identified by the use of words such as "may", "would", "could", "will", "should", "expect", "expects", "plan", "intend", "anticipate", "believe", "estimate", "predict", "potential", "pursue", "continue", "seek", or the negative of these terms or other similar expressions concerning matters that are not historical facts. In particular, statements regarding the Company's or any of its subsidiaries' objectives, plans and goals, including those related to future operating results, financial performance, and the markets and industries in which the Company operates are or involve forward-looking statements.

Specific forward-looking statements in this document include, but are not limited to:

• the business strategies, operational activities, and strategic priorities of WildBrain and its subsidiaries;

• management's financial targets and priorities, and the future financial and operating performance, projections, and goals of the Company and its subsidiaries, including revenue and adjusted EBITDA;

• plans for use of capital and excess cash flow;

• the timing for implementation of certain business strategies and other operational activities of WildBrain;

• the markets and industries, including competitive conditions, in which WildBrain operates, including the market and demand for content and strategies of streaming platforms;

• legal and regulatory changes and potential impacts on WildBrain and the markets and industries in which it operates;

• the value, prospects and opportunities of the Company and its assets and businesses;

• WildBrain's production and deal pipeline and projects in development;

• the ability of the Company to license its content into numerous markets repeatedly;

• the positioning and ability of the Company to monetize its library, content, assets and other business lines;

• the growth and proliferation of digital/non-linear distribution of media content;

• the activation of the Company's IP and results and benefits therefrom;

• investments, acquisitions and other growth opportunities, use of capital for such opportunities and expected returns and benefits therefrom;

• the Company's medium-term outlook, including management's expectations regarding Adjusted EBITDA growth and Free Cash Flow generation through Fiscal 2029;

• management's expectations regarding the contribution of owned-brand licensing, content and advertising revenue to medium-term growth, including expected improvements in operating leverage, scalability and the expected moderation of investment spending; and

• the timing of closing of acquisitions and divestitures.

Forward-looking statements are based on factors and assumptions that management believes are reasonable at the time they are made, but a number of assumptions may prove to be incorrect, including, but not limited to, assumptions about: (i) the Company's future operating results, (ii) the expected pace of expansion of the Company's operations, (iii) future general economic and market conditions, including debt and equity capital markets and the availability of financing on acceptable terms, (iv) the impact of increasing competition on the Company and industry mergers and acquisitions on the Company, (v) changes in the industries and changes in laws and regulations related to the industries in which the Company operates, (vi) consumer and customer preferences, (vii) the ability of the Company to execute on and integrate acquisition and other growth strategies and opportunities and realize the expected benefits therefrom, (viii) the ability of the Company to execute production, distribution, licensing and other revenue-generating arrangements, (ix) the availability of investment opportunities at acceptable valuations and the ability of the Company to execute on such investment opportunities, (x) interest and foreign exchange rates,

(xi) the timing for commencement and completion of productions, (xii) the ability of the Company and its partners to execute on its brand plans and consumer products programs, (xiii) changes in the markets and industries in which the Company operates and the ability of the Company to adapt to such changes, (xiv) changes to YouTube and in advertising markets, (xv) the ability of the Company to commercialize consumer products related to its brands, (xvi) the current geopolitical landscape, (xvii) the impact of direct and indirect tariffs on the business including tariffs on the production of non-US produced content, (xviii) general economic and industry growth rates, (xix) the economic impact of any potential recession on consumer behavior and advertising sales, (xx) the expected pace and trajectory of owned-brand licensing revenue growth, (xxi) advertising market conditions supporting the assumed revenue scaling of the WildBrain Network, and (xxii) the expected moderation of incremental investment spending following Fiscal 2027. Although the forward-looking statements contained in this MD&A and any documents incorporated by reference herein are based on what the Company considers to be reasonable assumptions based on information currently available to the Company, there can be no assurances that actual events, performance, or results will be consistent with these forward-looking statements and these assumptions may prove to be incorrect.

Forward-looking statements are inherently subject to risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections, or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. A number of known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, could cause actual events, performance or results to differ materially from what is projected in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, product development and acceptance, the ability of the Company to acquire, the ability of the Company to achieve its medium-term Adjusted EBITDA and Free Cash Flow targets, develop and exploit entertainment properties, dependence on key third party relationships and partnerships with buyers, the Company's ability to source IP and creative talent who can develop IP, consumer and customer preferences, and audience acceptance of the Company's shows and other IP, competition and competitor activities, the potential impact of industry mergers and acquisitions, the ability of the Company to execute on its strategy, the ability of the Company to identify and execute production, distribution and licensing arrangements, termination or renegotiation of contracts, and contractual counterparty risk, litigation or regulatory or arbitral action, unauthorized disclosure of confidential, proprietary or sensitive information, cybersecurity and informational technology incidents and issues, internal conflicts of interest, financial reporting and other public company regulatory obligations and potential errors therein, the ability of the Company to attract and retain talent, reliance on key personnel, risks relating to the Company's exposure to advertising revenues through YouTube and

the ability of the Company to attract and realize on advertising revenues, including through YouTube and on other platforms, adverse publicity, risks related to doing business internationally, interest rate risk and interest and foreign exchange rate fluctuations, the reliance of the Company on the Internet and other technologies to continue to conduct its business, technology changes, intellectual property infringement and other claims, the ability of the Company to exploit its content library, access to capital, maintaining effective internal controls, equity capital markets risk and market share price fluctuations, loss of Canadian status, access to and existence of tax credits, subsidies, co-production treaties and other government incentives, the availability of acquisition and investment opportunities at acceptable valuations and the ability to execute on and integrate such opportunities, production risks, financial risks and dilution from the Company's capital requirements, strikes and labour relations, changes in the regulatory environment, general economic and market segment conditions, the direct and indirect impact of tariffs, market factors, and catastrophic events and circumstances, including epidemics, pandemics or other public health crises, including impacts on the consumer products and retail sectors through supply chain disruptions. In evaluating these forward-looking statements, investors and prospective investors should specifically consider these and various other risks, uncertainties and other factors which may cause actual events, performance, or results to differ materially from any forward-looking statement.

This is not an exhaustive list of the factors that may affect any of the Company's forward-looking statements. Please refer to a discussion of the above and other risk factors related to the business of the Company and the industry in which it operates that will continue to apply to the Company, which are discussed in the Company's Annual Information Form ("AIF") for the year ended June 30, 2026 filed on https://www.sedarplus.ca and in this MD&A below under the "Risk Assessment" section.

These forward-looking statements are made as of the date of this MD&A or, in the case of documents referenced herein, as of the date of such documents, and the Company does not intend, and does not assume any obligation, to update or revise them to reflect new events or circumstances, except in accordance with applicable securities laws. Investors and prospective investors are cautioned not to place undue reliance on forward-looking statements.

WildBrain is a global leader in family entertainment, building and growing a portfolio of brands that includes Strawberry Shortcake, Teletubbies, Yo Gabba Gabba!, Inspector Gadget and Degrassi. The Company brings its brands to audiences through licensing, consumer products, and AI experiences; content production and distribution; and audience reach and advertising sales.

WildBrain CPLG, the Company's global licensing and consumer products arm, represents the Company's owned and partner brands across major territories worldwide. WildBrain's award-winning studio develops and produces content for its owned brands and third-party partners. WildBrain Network operates more than 1,000 channels across YouTube, FAST and AVOD platforms, providing audience development and content distribution capabilities and connecting advertisers to audiences at scale through brand-safe media solutions. The Company's Personality AI subsidiary creates bespoke, kids-safe AI experiences for beloved entertainment characters.

The Company has updated its reportable segments (refer to Note 26 of the audited consolidated financial statements for the year ended June 30, 2026) to Franchise & Global Licensing, Content and WildBrain Network. The revised structure reflects how management evaluates performance, allocates resources and manages the business, and aligns external reporting with the Company's strategic priorities and operating model. Compared with the Company's former segment structure, the revised presentation groups the franchise marketing, management and monetization of owned brands within Franchise & Global Licensing, content development, production and distribution within Content, and digital distribution and advertising activities within WildBrain Network. Comparative financial information for all periods presented has been retrospectively recast to conform to the revised segment structure. The Company's Fiscal 2027 guidance and Fiscal 2028-2029 outlook are presented on the same basis.

WildBrain operates through the following three reportable segments:

Franchise & Global Licensing includes the management and monetization of owned and partner brands through consumer products licensing, franchise management, global partnerships and location-based entertainment. The segment includes the licensing revenues of our franchise IP, primarily Strawberry Shortcake and Teletubbies, and WildBrain CPLG, one of the world's leading licensing agencies, representing a diverse portfolio of owned and third-party brands across key global markets. Revenue is generated on our franchises primarily through royalties and minimum guarantees arising from the licensing of the company's franchise IP to licensees across categories including toys, apparel, publishing, home goods, food and beverage, and other merchandise. Segment revenue also includes commission revenue generated by WildBrain CPLG's representation of owned and third-party brands across its global network of offices.

Content includes the creative development, production and distribution of premium animation, live-action and digital-first content for owned and partner brands. The segment generates revenue from proprietary productions, service work for third parties, content distribution, library licensing and other content-related activities. Through its integrated creative and production capabilities, including House of Cool, WildBrain develops content that supports franchise growth, serves global content platforms and responds to evolving audience demand.

WildBrain Network comprises the Company's digital distribution and advertising businesses across YouTube, FAST and AVOD platforms. Revenue is generated primarily through the monetization of the Company's owned and operated digital channels, including advertising revenues generated by WildBrain's direct ad sales team and advertising revenues generated by third party platforms like YouTube, and FAST and AVOD platforms. The segment also generates revenue through sponsorships, digital marketing services and paid media campaigns. WildBrain Network generates billions of minutes of viewers each month and provides valuable audience insights that support franchise, content and licensing strategies across the Company.

Corporate & Other

The CODM reviews the operating results of the above segments before the elimination of intersegment transactions. Corporate is not an operating segment. Consolidation adjustments, intersegment eliminations and unallocated corporate items are presented within the reconciling column "Consolidation Adjustments, Eliminations and Corporate & Other."

Consolidation adjustments and intersegment eliminations principally include the elimination of internal distribution revenue and costs, inter-studio production-service revenue and production costs, and internal royalties charged between reportable segments. They also include other group-level consolidation adjustments not reflected in the segment results reviewed by the CODM, principally centrally managed IFRS 16 property-lease adjustments.

Corporate & Other includes head-office and public-company costs that are not allocated to the reportable segments, including corporate executive, finance, treasury and legal functions, listing and other public-company costs, certain shared-service and information-technology costs, and other unallocated items.

‌Discontinued operations: Canadian Television Broadcasting & Peanuts Holdings LLC ("Peanuts")

In October 2025, the Company ceased its Canadian Television Broadcasting business (WildBrain Television), which consisted of the Family Channel suite of linear specialty kids' channels in Canada.

In December 2025, the Company announced that it had signed a definitive agreement to sell its 41% stake in Peanuts Holdings LLC, the holding entity for the Peanuts IP. The transaction closed on March 2, 2026. For Peanuts, discontinued operations include the historical results arising from the Company's 41% ownership interest and the activities and consolidation adjustments classified as part of the disposed business through the closing date. Following the sale, the Company no longer recognizes results arising from an ownership interest in Peanuts Holdings LLC.

The Company continues to provide certain services relating to Peanuts under multi-year arrangements, including licensing-agency, content-production and content-distribution services. Revenue and expenses arising from services performed after the closing date are included in continuing operations. Licensing-agency revenue is reported within Franchise & Global Licensing, while content production and content distribution revenue is reported within Content.

As a result of the wind-down of WildBrain Television and the sale of the Peanuts interest, the results of these businesses are presented as discontinued operations in the Company's consolidated financial statements.

WildBrain is a franchise-led company focused on creating, growing and monetizing beloved kids' and family brands across a global ecosystem spanning Franchise & Global Licensing, Content and WildBrain Network.

The Company's strategy is centered on building long-term franchise value by activating intellectual property across consumer products, content and digital audiences. Through this integrated approach, WildBrain seeks to expand consumer engagement, increase retail sales, grow licensing revenue and create multiple monetization opportunities for both owned and partner brands.

Within Franchise & Global Licensing, the Company focuses on growing owned franchises, expanding strategic partnerships and scaling the global reach of WildBrain CPLG. Through Content, the Company develops, produces and distributes premium content that drives audience engagement and supports franchise growth. Through WildBrain Network, the Company engages audiences at scale across YouTube, FAST and AVOD platforms while generating advertising revenue and valuable audience insights.

Together, these capabilities create a flywheel. The Company seeks to use the reach of the WildBrain Network and the appeal of its content to drive awareness and engagement for owned and partner brands. Increased brand awareness is intended to support licensing, advertising and distribution opportunities across the Company's operating segments and enhance the long-term value of its intellectual property portfolio.

The Company remains focused on disciplined capital allocation and generating attractive returns on invested capital, while pursuing profitable growth and sustainable cash flow generation.

Consistent with its strategy, the Company allocates capital to support growth across Franchise & Global Licensing, Content and WildBrain Network, while retaining the flexibility to return capital to shareholders when management believes doing so will create long-term shareholder value. The Company's capital-allocation priorities are to:

• Invest in franchise marketing programs and content for the Company's owned franchises to drive awareness and engagement of these franchises, which underpins growth in new categories, markets and territories for our own brands, and ultimately drives growth in Adjusted EBITDA1 ;

• Invest in the growth and scalability of the Company's operating infrastructure and technology platform to support the continued growth of the flywheel;

• Pursue selective acquisitions that strengthen the Company's franchise portfolio or operating capabilities and are expected to create long-term shareholder value;

• Return capital to shareholders through share repurchases when management believes the Company's shares trade below their intrinsic value and;

• Maintain the Company's capital expenditure program to support normal-course investment across studio facilities, office leaseholds and information technology infrastructure.

1 Adjusted EBITDA is a non-GAAP measure, refer to section "Non-GAAP Financial Measures" and "Reconciliation of Historical Results to Adjusted EBITDA and Adjusted EBITDA attributable to the Shareholders of the Company" of this MD&A for the definition and detailed calculation of this non-GAAP measure.

The Company evaluates each use of capital against its expected return on invested capital and its potential to create long-term shareholder value, and adjusts the pace and mix of its capital deployment as circumstances warrant.

Following the completion of the sale of the Company's 41% interest in Peanuts and the full repayment of its Senior Secured Credit Facility, the Company enters fiscal 2027 with a strengthened balance sheet and increased financial flexibility. This position, together with the expected cash generation of the continuing business, provides the Company with capacity to increase investment in franchise marketing, content, technology and operating infrastructure, pursue selective acquisitions and return capital to shareholders through share repurchases. Management expects the pace of incremental investment to moderate as the current investment initiatives are completed.

The Company has begun deploying capital across these priorities through increased franchise marketing, new content and technology initiatives, selective acquisitions and share repurchases under its normal course issuer bid. Management believes these actions support the Company's objective of delivering sustainable long-term growth in profitability, free cash flow and shareholder value.

Fiscal 2027 represents an investment year for WildBrain, in which the Company expects to rebuild growth across each of its operating segments while making concentrated investments that management believes will strengthen the Company's long-term competitive position. The Company expects revenue of $270 to $295 million and Adjusted EBITDA1 of $28 to $32 million, representing year-over-year growth of 15% and 44% at the midpoint respectively, driven by growth across all segments.

The expected improvement from the Company's Fiscal 2026 results is based on several factors. Within Franchise & Global Licensing, management expects growth from owned-brand licensing programs, including Strawberry Shortcake and Teletubbies. Continued investment in content and franchise marketing for these brands is expected to support broader consumer-products programs across categories, markets and territories. This investment is expected to reduce Franchise & Global Licensing profitability in Fiscal 2027, with the related licensing revenue expected to develop over subsequent periods. The timing and amount of those returns will depend on licensee adoption, retail placement, consumer demand and the timing of product launches. WildBrain CPLG is expected to continue to scale its global reach, notwithstanding near-term impacts from changes in certain partner relationships, with management focused on expanding the Company's roster of owned and partner brands across key regions.

Within Content, the Company expects a rebound in production revenue with a number of green-lit shows across live action and animation expected to drive revenue and Adjusted EBITDA1 growth. Distribution and content sales are expected to remain an important contributor to segment profitability.

Within the WildBrain Network, management believes there is a meaningful opportunity to recapture advertising demand within the kids' and family category as the broader media landscape evolves. Management expects growth in total advertising revenue, supported by investment in direct sales capabilities and the continued monetization of inventory through third-party platforms.

SG&A is expected to grow ahead of advertising revenue in Fiscal 2027, resulting in a near-term drag on segment profitability. As advertising revenue grows, management expects improved operating leverage and increased margin dollars in subsequent periods.

The Company is undertaking a multi-year investment in its technology platform and operating infrastructure, including targeted projects involving data, enterprise systems and automation. Operating expenses and capital expenditures associated with these initiatives will be reflected in Adjusted EBITDA1 and Free Cash Flow1, respectively, in accordance with the Company's definitions of those measures. Costs recorded in reorganization, development and other expenses will be excluded from Adjusted EBITDA1 to the extent provided by the Company's definition and reconciliation of Adjusted EBITDA1. Management expects the investment to support greater operating scalability and a more moderate rate of growth in corporate costs over time, although the timing and amount of the resulting efficiencies may vary.

Operating cash flow generated by the continuing business is expected to fund a portion of the Company's planned investment in franchise marketing, content, technology and operating infrastructure. The Company's available cash balance provides additional capacity for these investments, selective acquisitions and share repurchases.

The Company expects Free Cash Flow1, as defined under "Non-GAAP Financial Measures," to be negative in Fiscal 2027, reflecting approximately $30 million of planned investment in franchise marketing and content, technology and operating infrastructure, and leasehold and other capital expenditures. Acquisitions and share repurchases are not included in the Company's definition of Free Cash Flow1 and will be reported separately as investing or financing activities, as applicable.

Absent these planned investments, the Company expects the continuing business to generate positive Free Cash Flow1 in Fiscal 2027.

As the Company shifts its business mix toward higher-margin consumer-products licensing and scales the WildBrain Network's advertising sales capabilities, management expects improvements in Adjusted EBITDA1 and Free Cash Flow1 generation.

Beyond Fiscal 2027, management expects Adjusted EBITDA1 to approximately double from the midpoint of its Fiscal 2027 outlook by the end of Fiscal 2029.

Management's outlook through Fiscal 2029 is supported by growth in owned-brand licensing, Content and advertising revenue, together with improved operating leverage. The timing and amount of these contributions may vary and are subject to the assumptions and risks described elsewhere in this MD&A.

Within Franchise & Global Licensing, management expects owned-brand licensing to be the principal contributor to higher-margin revenue growth through Fiscal 2029. As licensing programs typically develop over multiple periods, management expects a portion of the commercial benefits from the content and franchise marketing activity in Fiscal 2027 to be realized in Fiscal 2028 and Fiscal 2029. WildBrain CPLG is also expected to contribute through the continued scaling of its owned- and partner-brand portfolio.

Beyond Fiscal 2027, management expects Content to contribute through project deliveries, distribution and content sales, and disciplined project selection. Results may vary between periods due to production schedules, financing, delivery dates and the timing of distribution transactions. Accordingly, Content's contribution through Fiscal 2029 is expected to be less linear than that of owned-brand licensing and advertising revenue.

As advertising revenue scales, management expects the investments made in direct-sales and marketing capabilities during Fiscal 2027 to support improved operating leverage and increased margin dollars through Fiscal 2029. The pace of improvement will depend on advertiser demand, campaign timing, inventory availability, platform performance and the Company's ability to monetize its audience.

Following the elevated investment program described in the Fiscal 2027 outlook, management expects incremental investment spending to moderate as current initiatives are completed. Management also expects its technology and operating-infrastructure investments to support improved operating scalability over time.

The expected combination of higher-margin licensing revenue, growth in advertising revenue, improved operating leverage and moderating incremental investment underpins management's Adjusted EBITDA1 outlook through Fiscal 2029. Free Cash Flow1 is expected to improve as Adjusted EBITDA1 grows and incremental investment moderates, although results will vary with working capital, production financing, content investment and capital expenditures.

Management believes this combination of Adjusted EBITDA1 growth and accelerating Free Cash Flow1 generation positions WildBrain to deliver sustained growth in shareholder value over the medium term.

• Revenues from continuing operations decreased to $55.0 million in Q4 2026, compared to $77.4 million in Q4 2025, a decrease of $22.4 million or 29%.

• Franchise & Global Licensing revenue decreased to $15.6 million in Q4 2026, a decrease of 16%, compared with $18.5 million in Q4 2025. The decrease was driven by lower licensing agency revenues at WildBrain CPLG, reflecting timing differences and the impact of changes in certain partner relationships, partially offset by continued growth in owned-brand royalties led by Strawberry Shortcake.

• Content revenue was $29.2 million in Q4 2026, a decrease of 40%, compared to $48.7 million in Q4 2025. The decrease in Q4 2026 revenue was driven by lower live-action production activity, with no equivalent to the live-action series in production in the prior year, and lower distribution revenue, as the prior year quarter benefited from a significant content delivery.

• WildBrain Network revenue was $11.5 million in Q4 2026, an increase of 6%, compared to $10.8 million in Q4 2025. The increase in Q4 2026 revenue was driven by higher direct advertising revenue.

• Gross margin2 percentage for Q4 2026 was 39%, compared with a gross margin percentage of 41% in Q4 2025, reflecting lower distribution and licensing revenues and increased franchise marketing investment.

• SG&A costs for Q4 2026 were $25.3 million, compared to $23.3 million for Q4 2025, an increase of $1.9 million or 8%, driven primarily by higher staff costs within Franchise & Global Licensing and provisions for uncollectible trade receivables related to certain licensing customers.

• Net income from continuing operations attributable to Shareholders of the Company was $4.5 million in Q4 2026, a decrease in net income of $1.8 million, compared to net income of $6.2 million in Q4 2025.

• Adjusted EBITDA from continuing operations attributable to Shareholders of the Company1 was $(4.0) million in Q4 2026, compared with $8.1 million in Q4 2025, a decrease of $12.0 million or 149% as a result of lower gross margin reflecting lower distribution and licensing revenues and higher staff costs within Franchise & Global Licensing.

• Repurchased 1,673,900 common shares at a cost of $2.2 million and cancelled 1,649,800 common shares through the Company's Normal Course Issuer Bid ("NCIB") program. Subsequent to June 30, 2026, the company repurchased 740,700 Common shares at a cost of $1.0 million and cancelled 764,800 common shares.

• On August 24, 2026, the Company acquired a 100% interest in Personality AI Inc ("Personality AI"), a developer of kid-safe, conversational character AI experiences for IP owners and their licensing partners, for closing consideration of approximately US$11 million in cash, subject to customary working capital adjustments and holdbacks, and 1,000,000 common shares of the Company. Additional consideration of US$2 million is payable on the first anniversary of closing in up to 1,000,000 common shares, with any balance in cash, and the vendors may receive further performance-based cash consideration of up to US$56 million in aggregate, contingent on Personality AI achieving certain revenue targets in calendar 2027, 2028 and 2029. The acquisition supports the Company's Franchise & Global Licensing segment by extending WildBrain CPLG's offering to owned and partner brands through interactive character experiences.

2 Gross margin and Adjusted EBITDA attributable to the Shareholders of the Company are non-GAAP financial measures, see "Non-GAAP Financial Measures" section of this MD&A for their respective definitions as well as a reconciliation to GAAP measures.

The summary consolidated financial information set out below for the periods ended June 30, 2026, and June 30, 2025 has been derived from the Company's consolidated financial statements and accompanying notes and can be found on WildBrain's website at https://www.wildbrain.com and on SEDAR+ at https://www.sedarplus.ca.

(1) Gross Margin, Adjusted EBITDA attributable to the Shareholders of the Company, and Free Cash Flow are non-GAAP financial measures, see "Non-GAAP Financial Measures" section of this MD&A for their respective definitions as well as a reconciliation to GAAP measures.

WildBrain's results may vary on a quarterly basis due to the timing of production deliveries and distribution deals as well as seasonality in AVOD and consumer products licensing businesses. Historically, WildBrain's first quarter is the lightest (during summer months). WildBrain's second and third quarters tend to be stronger as our main markets are geared towards the fall and winter months, especially during the holiday season. Additionally, the timing of material content licensing agreements can impact WildBrain's results from quarter to quarter.

The following table provides selected historical information and other data for continuing operations, which should be read in conjunction with the annual financial statements and current and past interim financial statements.

(expressed in thousands of

Fiscal 2025

(1) Gross Margin and Adjusted EBITDA attributable to the Shareholders of the Company is a non-GAAP financial measures, see "Non-GAAP Financial Measures" section of this MD&A for their respective definitions as well as a reconciliation to GAAP measures.

The following table provides selected historical information and other data for discontinued operations, which should be read in conjunction with the annual financial statements and current and past interim financial statements.

(expressed in thousands of

Fiscal 2025

Weighted average common shares

(1) Gross Margin and Adjusted EBITDA attributable to the Shareholders of the Company is a non-GAAP financial measures, see "Non-GAAP Financial Measures" section of this MD&A for their respective definitions as well as a reconciliation to GAAP measures.

(1) Segment Gross Margin and Segment Adjusted EBITDA is a non-GAAP financial measures, see "Non-GAAP Financial Measures" section of this MD&A for their respective definitions as well as a reconciliation to GAAP measures.

Operating Segment Results

Results from continuing operations by operating segment was comprised of the following:

Franchise & Global revenue decreased $2.9 million, or 16% to $15.6 million in Q4 2026, compared to $18.5 million in Q4 2025. The decrease in Q4 2026 revenue was driven by lower licensing agency revenues at WildBrain CPLG, partially offset by growth in owned-brand licensing royalties, led by Strawberry Shortcake and Teletubbies.

Distribution, music and other revenue increased to $1.4 million in Q4 2026, compared to $1.3 million in Q4 2025 due to higher internal royalties arising from the exploitation of owned brands within the Content and Network segments.

Franchise & Global Licensing gross margin was $11.8 million in Q4 2026, compared with $15.7 million in Q4 2025. The gross margin decrease was driven by the lower licensing agency revenues, which flow through at a high margin, together with higher franchise marketing investment and higher content costs on owned brands. Gross margin percentage for Q4 2026 was 76%, compared to 85% in Q4 2025, driven by the lower revenue base and the higher marketing and content costs.

SG&A expenses for the Franchise & Global Licensing segment in Q4 2026 were $15.3 million, compared to $13.6 million for Q4 2025,an increase of $1.7 million or 12% primarily due to higher staff costs and provisions for uncollectible trade receivables related to certain licensing customers.

Adjusted EBITDA1 from Franchise & Global Licensing was $(3.6) million in Q4 2026, compared with $2.1 million in Q4 2025, a decrease of $5.6 million as a result of the lower licensing agency revenues, higher franchise marketing investment and higher SG&A.

1 Segment Gross Margin and Segment Adjusted EBITDA is a non-GAAP financial measures, see "Non-GAAP Financial Measures" section of this MD&A for their respective definitions as well as a reconciliation to GAAP measures.

Content revenue decreased $19.5 million, or 40% to $29.2 million in Q4 2026, compared with $48.7 million in Q4 2025. Revenue in the quarter was driven by lower production revenue and distribution, music and other revenue.

Production revenue decreased $8.4 million to $27.4 million in Q4 2026, compared with $35.8 million in Q4 2025. Production revenue decreased as a result of lower live-action production activity, as the prior year quarter included a live-action series in production with no equivalent in the current quarter, and the timing of animation production schedules, partially offset by higher revenues from House of Cool and the digital studio.

Distribution, music and other revenue decreased $11.1 million to $1.8 million in Q4 2026, compared with $12.9 million in Q4 2025. Distribution, music, and other revenue decreased as a result of the prior year quarter including a significant series delivery with no equivalent in the current quarter, and lower passive consumer products royalties on partner brands, including the conclusion of a partner-brand arrangement.

Content gross margin1 was $5.5 million in Q4 2026, compared with $13.9 million in Q4 2025. The gross margin decrease was driven by the lower distribution and partner-brand royalty revenues, which carry a high margin, together with lower production volumes, partially offset by lower production costs and film amortization. Gross margin percentage for Q4 2026 was 19%, compared to 29% in Q4 2025, driven by the shift in revenue mix toward lower-margin production revenue.

SG&A expenses for the Content segment in Q4 2026 were $3.4 million, compared to $3.8 million for Q4 2025, a decrease of

$0.3 million or 8% primarily due to lower staff and overhead costs.

Adjusted EBITDA1 from Content was $2.1 million in Q4 2026, compared with $10.2 million in Q4 2025, a decrease of $8.1 million.

1 Segment Gross Margin and Segment Adjusted EBITDA is a non-GAAP financial measures, see "Non-GAAP Financial Measures" section of this MD&A for their respective definitions as well as a reconciliation to GAAP measures.

WildBrain Network revenue increased $0.6 million, or 6% to $11.5 million in Q4 2026, compared with $10.8 million in Q4 2025. Revenue in the quarter was driven by growth in both platform advertising and direct advertising revenue.

WildBrain Network gross margin1 was $3.9 million in Q4 2026, compared with $1.9 million in Q4 2025. The gross margin increase was driven by lower programming amortization and the higher advertising revenues. Gross margin percentage for Q4 2026 was 34%, compared to 18% in Q4 2025, driven by lower content costs relative to revenue.

SG&A expenses for the WildBrain Network segment in Q4 2026 were $4.0 million, compared to $3.8 million for Q4 2025, an increase of $0.2 million or 6% primarily due to continued investment in the direct advertising sales team.

Adjusted EBITDA1 from WildBrain Network was $(0.1) million in Q4 2026, compared with $(1.9) million in Q4 2025, an increase of $1.8 million driven by higher advertising revenues and lower content costs, partially offset by higher SG&A.

Consolidation adjustments and eliminations and Corporate Costs

Consolidation adjustments and eliminations and corporate costs was $(2.5) million in Q4 2026, compared with $(2.1) million in Q4 2025, a decrease of $0.3 million.

Share-Based Compensation

Share-based compensation was a recovery of $(1.7) million in Q4 2026, compared with expense of $1.0 million for Q4 2025, a decrease of $2.7 million, primarily due to the reversal of expense previously recognized on awards forfeited during the current period.

Amortization

Total amortization of acquired and library content, property and equipment ("P&E") including right-of-use assets, and intangible assets was $3.9 million for Q4 2026, compared with $4.9 million in Q4 2025.

Amortization of acquired and library content was consistent at $0.9 million in Q4 2026 and Q4 2025. Depreciation of P&E was $2.3 million in Q4 2026, compared with $2.3 million in Q4 2025.

Amortization of intangible assets was $0.7 million in Q4 2026, compared with $1.8 million in Q4 2025 due to the expiry of certain merchandising right arrangements at the end of fiscal 2025.

Amortization of acquired and library content relating to Peanuts is included in discontinued operations.

1 Segment Gross Margin and Segment Adjusted EBITDA is a non-GAAP financial measures, see "Non-GAAP Financial Measures" section of this MD&A for their respective definitions as well as a reconciliation to GAAP measures.

Write-down of investment in film and television programs, acquired and library content, and intangible assets

Write-down of investment in film and television programs, acquired and library content, and intangible assets was $4.5 million in Q4 2026 compared to $0.2 million in Q4 2025. The write-downs reflect the weaker than expected revenue performance and current market conditions for the brands and titles impaired in our library that the Company invested in prior to 2025. The Company has changed its capital allocation strategy and is focusing its investments into the high value brands in its library, such as Strawberry Shortcake and Teletubbies and its growth businesses.

Reorganization, Development and Other expenses were $1.4 million in Q4 2026, compared to $3.1 million in Q4 2025, a decrease of $1.7 million. Q4 2025 primarily included development and content impairments of $1.6 million compared to $0.2 million in Q4 2026, a decrease of $1.5 million and M&A, refinancing, and other corporate initiatives of $0.6 million compared to $nil in Q4 2026. Restructuring and people costs were $0.8 million in Q4 2026 compared to $0.6 million an increase of $0.2 million.

Finance Costs, net

Net finance costs were $0.4 million in Q4 2026, compared to $15.5 million in Q4 2025. The decrease in Q4 2026 was primarily driven by the repayment of the long-term debt in the prior quarter resulting in $nil interest on long-term debt recognized in the current quarter.

Foreign Exchange

The foreign exchange gain of $4.3 million in Q4 2026, as compared to a gain of $20.0 million in Q4 2025, reflects the absence of revaluation gains on the Company's US dollar-denominated long-term debt, which was fully repaid on March 2, 2026. The prior year comparative quarter benefited from unrealized translation gains on that debt as a result of the strengthening Canadian dollar. The gain in Q4 2026 relates primarily to unrealized foreign exchange translation gains on the Company's US dollar-denominated working capital balances.

Income Taxes

Income tax recovery for Q4 2026 was $12.5 million, compared to a recovery of $2.7 million in Q4 2025. The income tax recovery in each period reflects the mix of taxing jurisdictions in which pre-tax income and losses were recognized. The income attributable to non-controlling interests is taxed to recipients of this income outside the Company. Further items impacting the effective tax rate include the different statutory tax rates in the various taxing jurisdictions, non-deductible items and the continued nonrecognition of certain deferred tax assets in Canada.

Net Income (Loss), Comprehensive Income (Loss), and Earnings Per Share

Net income from continuing operations attributable to the Shareholders of the Company for Q4 2026 was $4.5 million, compared to net income of $6.2 million for Q4 2025.

Comprehensive income from continuing operations was $6.4 million for Q4 2026, compared to loss of $10.3 million for Q4 2025.

Basic and diluted income per share from continuing operations was $0.02 in Q4 2026, as compared to basic and diluted income per share of $0.03 in Q4 2025.

Adjusted EBITDA from continuing operations Attributable to the Shareholders of the Company1

Adjusted EBITDA attributable to the Shareholders of the Company was $(4.0) million in Q4 2026, compared with $8.1 million in Q4 2025, a decrease of $12.0 million.

Net income (Loss) and Net income (Loss) per Share from discontinued operations

Net loss attributable to the Shareholders of the Company for Q4 2026 was $14.9 million, compared to net income of $3.3 million for Q4 2025, a decrease of $18.2 million primarily a result of the adjustments to the gain from sale of Peanuts recorded in Q4 2026 as a result of the final working capital adjustments.

Basic and diluted loss per share was $(0.07) in Q4 2026, as compared to basic and diluted income per share of $0.02 in Q4 2025.

Adjusted EBITDA from discontinued operations attributable to the Shareholders of the Company1

Adjusted EBITDA from discontinued operations attributable to the Shareholders of the Company was $0.1 million in Q4 2026, compared with $16.5 million in Q4 2025, a decrease of $16.5 million.

1Adjusted EBITDA attributable to the Shareholders of the Company is a non-GAAP measure, refer to section "Non-GAAP Financial Measures" and "Reconciliation of Historical Results to Adjusted EBITDA and Adjusted EBITDA attributable to the Shareholders of the Company" of this MD&A for the definition and detailed calculation of this non-GAAP measure.

Operating Segment Results

Results from continuing operations by operating segment was comprised of the following:

Franchise & Global Licensing revenue increased $18.7 million, to $87.7 million in Fiscal 2026, compared to $69.0 million in Fiscal 2025. The increase in revenue was driven by strong growth in our owned brands Strawberry Shortcake and Teletubbies, supplemented by third party revenue growth from our global licensing agency, WildBrain CPLG.

Distribution, music and other revenue increased $0.1 million, to $4.4 million in Fiscal 2026, compared to $4.3 million in Fiscal 2025.

Franchise & Global Licensing gross margin increased $17.0 million to $76.1 million in Fiscal 2026, compared to $59.0 million, in Fiscal 2025. The increase in gross margin was driven by the growth in licensing revenues, partially offset by higher franchise and digital marketing investment and higher content costs associated with owned-brand revenues. Gross margin percentage for Fiscal 2026 was 87% of revenue, compared to 86% in Fiscal 2025.

SG&A expenses for Franchise & Global Licensing in Fiscal 2026 were $54.0 million, compared to $47.8 million for Fiscal 2025, an increase of $6.3 million, or 13%. The increase is primarily due to higher staff costs.

Adjusted EBITDA1 from Franchise & Global Licensing was $22.0 million in Fiscal 2026, compared with $11.3 million in Fiscal 2025, an increase of $10.8 million.

1 Segment Gross Margin and Segment Adjusted EBITDA is a non-GAAP financial measures, see "Non-GAAP Financial Measures" section of this MD&A for their respective definitions as well as a reconciliation to GAAP measures.

Content revenue decreased $41.8 million, to $114.7 million in Fiscal 2026, compared to $156.5 million in Fiscal 2025. The decrease in revenue was driven by lower production revenue, reflecting lower live-action and animation production activity, and lower distribution, music and other revenue, as the prior year included significant content sales and higher passive consumer products royalties on partner brands.

Production revenue decreased $15.1 million, to $105.2 million in Fiscal 2026, compared to $120.3 million in Fiscal 2025. The decrease was driven by lower live-action production activity, with no equivalent to the live-action series in production in the prior year, and lower animation volumes as certain series were not renewed, House of Cool and the digital studio.

Distribution, music, and other revenue decreased $26.7 million, to $9.5 million in Fiscal 2026, compared to $36.2 million in Fiscal 2025. The decrease was driven by the prior year including a significant library content sale, together with lower passive consumer products royalties on partner brands, including the conclusion of a partner-brand arrangement.

Content gross margin decreased $16.0 million to $21.0 million in Fiscal 2026, compared to $37.0 million, in Fiscal 2025. The decrease in gross margin was driven by the lower distribution and partner-brand royalty revenues described above, which carry a high margin, and a shift in mix toward lower-margin production revenue, partially offset by lower production costs, third-party participations and film amortization. Gross margin percentage for Fiscal 2026 was 18% of revenue, compared to 24% in Fiscal 2025.

SG&A expenses for Content in Fiscal 2026 were $12.9 million, compared to $13.8 million for Fiscal 2025, a decrease of $0.9 million, or 6%. The decrease is primarily due to lower staff and overhead costs.

Adjusted EBITDA1 from Content was $8.1 million in Fiscal 2026, compared with $23.2 million in Fiscal 2025, a decrease of

$15.1 million.

1 Segment Gross Margin and Segment Adjusted EBITDA is a non-GAAP financial measures, see "Non-GAAP Financial Measures" section of this MD&A for their respective definitions as well as a reconciliation to GAAP measures.

WildBrain Network revenue decreased $4.9 million, to $46.6 million in Fiscal 2026, compared to $51.6 million in Fiscal 2025. The decrease in revenue was driven by lower platform advertising revenue on YouTube and FAST, with direct advertising revenue broadly flat.

WildBrain Network gross margin slightly increased $0.1 million to $14.1 million in Fiscal 2026, compared to $14.0 million, in Fiscal 2025. Gross margin was broadly flat as the lower revenue was offset by lower YouTube commissions and lower content costs. Gross margin percentage for Fiscal 2026 was 30% of revenue, compared to 27% in Fiscal 2025.

SG&A expenses for WildBrain Network in Fiscal 2026 were $15.5 million, compared to $13.9 million for Fiscal 2025, an increase of $1.6 million, or 12%. The increase is primarily due to investment in the direct advertising sales team.

Adjusted EBITDA1 from WildBrain Network was $(1.5) million in Fiscal 2026, compared with $0.07 million in Fiscal 2025, a decrease of $1.5 million.

Consolidation adjustments and eliminations and Corporate Costs

Consolidation adjustments and eliminations and corporate costs was $(8.1) million in Fiscal 2026, compared with $(8.3) million in Fiscal 2025, an increase of $0.2 million.

Share-Based Compensation

Total share-based compensation was $4.2 million in Fiscal 2026, compared to $4.6 million for Fiscal 2025, a decrease of $0.4 million.

Amortization

Total amortization of acquired and library content, P&E including right-of-use assets and intangible assets was $14.5 million for Fiscal 2026, compared with $23.0 million in Fiscal 2025.

Amortization of acquired and library content was $3.0 million in Fiscal 2026, compared to $4.7 million in Fiscal 2025. Amortization of P&E was $8.4 million in Fiscal 2026, compared to $9.1 million in Fiscal 2025.

Amortization of intangible assets was $3.1 million in Fiscal 2026, compared to $9.2 million in Fiscal 2025.

Write-down of investment in film and television programs, acquired and library content, and intangible assets

Write-down of investment in film and television programs, acquired and library content, and intangible assets was $20.8 million in Fiscal 2026, compared to $53.5 million, a decrease of $32.7 million.

1 Segment Gross Margin and Segment Adjusted EBITDA is a non-GAAP financial measures, see "Non-GAAP Financial Measures" section of this MD&A for their respective definitions as well as a reconciliation to GAAP measures.

Fiscal 2026 included a write-down of acquired and library content of $5.5 million and investment in film assets of $15.3 million. The write-downs reflect the weaker than expected revenue performance and current market conditions for the brands and titles impaired in our library that the Company invested in prior to 2025. The Company has changed its capital allocation strategy and is focusing its investments into the high value brands in its library, such as Strawberry Shortcake and Teletubbies and its growth businesses.

Reorganization, Development and Other expenses were $10.2 million in Fiscal 2026, compared to $11.2 million in Fiscal 2025, a decrease of $1.0 million. Fiscal 2026 primarily included M&A, refinancing, and other corporate initiatives of $7.7 million compared to $2.5 million, an increase of $5.2 million. The increase in M&A, refinancing, and other corporate initiatives were offset by a decrease in restructuring and people costs, development and content impairments, and other costs of $6.1 million in Fiscal 2026 compared to Fiscal 2025.

Finance Costs, net

Net finance costs were $76.0 million in Fiscal 2026, compared to $73.2 million in Fiscal 2025, an increase of $2.8 million. The increase was primarily driven by the loss on modification and extinguishment of debt in the Fiscal 2026 compared to the write-down of unamortized issue costs in the prior year's Fiscal period, partially offset by lower interest costs on the long-term debt in the current year compared to the prior year.

Foreign Exchange (Gain) Loss

Foreign exchange gain was $7.4 million in Fiscal 2026, compared to a loss of $2.4 million in Fiscal 2025, primarily driven by the stronger Canadian dollar compared to foreign currencies held, which resulted in a foreign exchange translation gain on our US dollar denominated term debt that was entered into in Q1 2025 and extinguished in Q3 2026 as well as other US denominated liabilities.

Income Taxes

Income tax recovery for Fiscal 2026 was $22.4 million, compared to a recovery of $17.2 million in Fiscal 2025. The income tax recovery in each period reflects the mix of taxing jurisdictions in which pre-tax income and losses were recognized. The income attributable to non-controlling interests is taxed to recipients of this income outside the Company. Further items impacting the effective tax rate include the different statutory tax rates in the various taxing jurisdictions, non-deductible items and the continued nonrecognition of certain deferred tax assets in Canada.

Net Income (Loss), Comprehensive Income (Loss), and Earning Per Share for continuing operations

Net loss attributable to the Shareholders of the Company for Fiscal 2026 was $74.9 million, compared to net loss of $121.6 million for Fiscal 2025, a decrease in net loss of $46.7 million. The decrease was driven primarily by a $32.7 million decrease in non-cash impairment of investment in film and television, acquired library content and intangible assets of, lower amortization costs, offset by higher finance costs of $2.8 million and higher SG&A of $6.8 million in Fiscal 2026.

Comprehensive loss from continuing operations for Fiscal 2026 was $72.8 million, compared to $123.1 million in Fiscal 2025. The decrease primarily reflects the lower net loss from continuing operations described above, together with a favourable movement in other comprehensive income arising from the translation of foreign-denominated subsidiaries' balance sheets as a result of the weakening of the Canadian dollar

Both basic and diluted loss per share was $0.35, in Fiscal 2026, compared to basic and diluted loss of $0.57, in Fiscal 2025.

Adjusted EBITDA from continuing operations Attributable to the Shareholders of the Company1

Adjusted EBITDA attributable to the Shareholders of the Company was $20.8 million in Fiscal 2026, compared to $26.6 million in Fiscal 2025, a decrease of $5.8 million or 22%.

Net income (Loss) and Income (Loss) Per Share from discontinued operations

Net income from discontinued operations attributable to the Shareholders of the Company for Fiscal 2026 was $444.9 million, compared to net income of $31.8 million for Fiscal 2025, an increase of $413.1 million.

Both basic and diluted income per share was $2.08, in Fiscal 2026 and compared to basic and diluted income per share of $0.15 Fiscal 2025.

Adjusted EBITDA from discontinued operations Attributable to the Shareholders of the Company1

Adjusted EBITDA from discontinued operations attributable to the Shareholders of the Company was $44.8 million in Fiscal 2026, compared to $65.6 million in Fiscal 2025, a decrease of $20.8 million.

1 Adjusted EBITDA attributable to the Shareholders of the Company is a non-GAAP measure, refer to section "Non-GAAP Financial Measures" and "Reconciliation of Historical Results to Adjusted EBITDA and Adjusted EBITDA attributable to the Shareholders of the Company" of this MD&A for the definition and detailed calculation of this non-GAAP measure.

The following table summarizes certain information with respect to WildBrain's capitalization and financial position as at June 30, 2026 and June 30, 2025:

Summary of consolidated cash flow components1:

(expressed in thousands of Canadian dollars)

(1) The consolidated cash flow components includes both the continuing and discontinued cash flows.

Operating Activities

During Q4 2026, cash used in operating activities was $30.0 million, compared to $2.0 million used by operating activities in Q4 2025. The increase in cash used in operating activities of $28.0 million was primarily due to timing of production working capital outflows in the period and the timing of licensing agency collections and subsequent remittances to rights holders.

Financing Activities

During Q4 2026, cash flows generated in financing activities were inflows of $8.2 million, compared to outflows of $8.2 million in Q4 2025, an increase in inflows of $16.4 million. The net inflow in the current quarter was primarily driven by net proceeds from interim production financing of $12.9 million, reflecting the timing of production draws and repayments in the period. This was partially offset by repayment of lease liabilities of $1.9 million, interest paid of $0.5 million, and repurchases of common shares under the NCIB. The favourable year-over-year movement also reflects significantly lower interest paid, which decreased from $13.6 million in Q4 2025 following the full repayment of long-term debt on March 2, 2026, and lower distributions to non-controlling interests of $0.1 million compared to $4.8 million in Q4 2025 as a result of the sale of Peanuts in the prior quarter.

Investing Activities

During Q4 2026, the Company used $2.1 million of cash for investing activities, compared to used $0.9 million in Q4 2025. The increase in cash used in investing activities is driven by an increase in investment in intangibles assets compared to Q4 2025.

Credit Facility and Revolving Credit Facility

On March 2, 2026, the Company fully repaid all amounts outstanding under its Senior Secured Credit Facility consisting of the Term Loan Facility and Revolving Facility for a total cash repayment of $550.8 million. Subsequent to the repayment, the credit agreement was terminated and no amounts were outstanding as at June 30, 2026 (June 30, 2025 - $501.7 million (US$367.7 million).

As a result of the repayment and termination of the facility, the Company is no longer subject to any financial covenants.

In September 2025, the Company and its lenders agreed to an amendment to its credit facilities which modified certain terms including adding additional fees. The Company assessed whether the amendments represented a substantial change in the cash flows associated with the facility and determined that the changes resulted in a modification with a corresponding loss on modification of $16.0 million. Of the incremental fees, $6.9 million were paid immediately. On March 2, 2026, a loss on debt extinguishment of $1.1 million were recorded in Finance costs during the year ended June 30, 2026. The repayment of the credit agreement was funded through the proceeds received from the sale of Peanuts.

For additional information on the Facilities, refer to the Senior Secured Credit Agreement on SEDAR+ at https://www.sedarplus.ca.

Senior Unsecured Convertible Debentures

During the first quarter of fiscal 2025, the Company fully repaid the principal balance of $140.0 million for the Convertible Debentures, bearing interest at a fixed annual rate of 5.875% paid semi-annually on March 31 and September 30 of each year. As at June 30, 2026, the Convertible Debentures had a principal balance of $nil (June 30, 2025 - $nil).

Working capital represents the Company's current assets less current liabilities, which amounted to $164.3 million as at June 30, 2026, as compared to $84.8 million at June 30, 2025. The increase in working capital in the year ended June 30, 2026 is primarily a result of the repayment of debt and increase in cash due to sale of Peanuts.

All of our significant businesses have quarterly fluctuations but are cash flow positive over the course of a year, absent the impact of allocated corporate costs. The Company frequently reviews cash flows and actions are taken if and as necessary.

The financial risks arising from the Company's operations include credit, interest rate, liquidity, currency and market risk. These risks arise from the normal course of operations. The risks associated with these financial instruments and the policies on how to mitigate these risks are set out in this consolidated financial statements.

Based on our current revenue forecasts and expectations for Fiscal 2027, the Company believes that the working capital is sufficient to meet present requirements and near-term business plans for the next 12 months. The Company expects foreseeable cash needs to be funded through operating cash flows and existing cash resources.

Technology Investments

Investments in technology in our studio and businesses, are principally purchases and leases of equipment, software implementation costs and software licenses, which are paid for over time from operating and financing activities.

Production Investments

Productions are principally funded with interim production credit facilities on a production by production basis that are secured by licensing contract receivables and film tax credits and are repaid as those receivables and tax credits are collected. When initiating new productions, we typically require the significant majority of expenditures to be covered by licensing contract receivables and film tax credits, and as a result the Company's investment in excess of these receivables and tax credits is typically limited. However, there could be some working capital variations depending on timing of production and collection of the underlying contracts.

Acquisitions

When making other investments and acquisitions, we assess the expected returns, the risks and timing of those expected returns and consider whether to use the Company's existing funds, or the issuance of equity.

Subsequent to June 30, 2026, the Company acquired 100% of the outstanding shares of Personality AI for closing consideration of approximately US$11 million in cash, subject to customary working capital adjustments and holdbacks, and 1,000,000 common shares. Additional consideration of US$2 million is payable on the first anniversary of closing in up to 1,000,000 common shares, with any balance in cash. The agreement also provides for performance-based cash consideration of up to US$56 million in aggregate, contingent on Personality AI achieving certain revenue targets in calendar 2027, 2028 and 2029.

The closing cash consideration was funded from existing cash resources.

The following table summarizes our outstanding cash commitments as of June 30, 2026:

Prior to December 18, 2025, and pursuant to WildBrain's previous articles of incorporation and the Broadcasting Act (Canada), WildBrain's Common Voting Shares could only be held and controlled by Canadians, and the Variable Voting Shares could only be held and controlled by non-Canadians. The dual-class share structure was required to enable the Company to comply with Canadian ownership rules as an operator of broadcast assets in Canada. The preferred variable voting shares were instituted prior to the Company's initial public offering and were maintained to ensure compliance with Canadian ownership requirements related to its business and continuing qualification for tax credits.

On December 18, 2025, following the cessation of the Company's television broadcast business, shareholders approved a special resolution approving an amendment to the Company's Articles to, among other things, (i) eliminate the Company's non-voting shares and Preferred Variable Voting Shares, (ii) redesignate the Common Voting Shares and Variable Voting Shares as "Common shares", (iii) amend the rights, privileges and restrictions attached to the "Common shares" and (iv) create an unlimited number of Preferred shares, issuable in series. A copy of the new share terms can be found on SEDAR+.

On April 8, 2026, the Company announced the launch of a Normal Course Issuer Bid (the "NCIB"). Under the NCIB, the Company may purchase, from time to time, up to 11,418,541 common shares of the Company, representing approximately 10% of the Company's public float as of March 31, 2026, calculated in accordance with TSX rules. As of March 31, 2026, there were 213,814,293 Common Shares issued and outstanding, of which 114,185,411 Common Shares comprised the public float. The NCIB commenced April 10, 2026 and will terminate on the earlier of (i) April 9, 2027, (ii) the date on which the Company has purchased the maximum number of Common Shares permitted under the NCIB, or (iii) such earlier date as the Company may determine.

As of June 30, 2026, the Company repurchased 1,673,900 common shares at a cost of $2,207 and cancelled 1,649,800 common shares through the NCIB program.

Subsequent to June 30, 2026, the Company repurchased 740,700 common shares at a cost of $1,025 and cancelled 764,800 through the NCIB program.

For additional information on WildBrain's share capital, see the Company's Fiscal 2026 AIF dated September 23, 2026 filed on https://www.sedarplus.ca.

As of the date of this MD&A, the Company does not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on the results of operations or financial condition, including, and without limitation, such considerations as liquidity and capital resources.

Key management includes all directors, including both executive and non-executive directors, as well as the President and Chief Executive Officer, and Chief Financial Officer. The compensation earned by key management is as follows:

(1) In the year ended June 30, 2026, salaries and employee benefits included one-time bonuses paid to key management of

$1,956 (2025 - $nil) in connection with the sale of the Company's interest in Peanuts, recorded within Reorganization, Development and Other expenses.

The preparation of the financial statements in conformity with IFRS Accounting Standards requires Management to make estimates, judgments, and assumptions that Management believes are reasonable based upon the information available. These estimates, judgments, and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting year or period. Actual results can differ from those estimates (refer to the section "Caution Regarding Forward-Looking Statements" of this MD&A for more information regarding forward-looking information). For a discussion of all of the Company's accounting policies, refer to Note 3 of the audited consolidated financial statements for the year ended June 30, 2026 on https://www.sedarplus.ca or WildBrain's website at https://www.wildbrain.com.

The preparation of financial statements under IFRS Accounting Standards require the Company to make estimates and assumptions that affect the application of policies and reported amounts. Estimates and judgments are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable.

Actual results may differ materially from these estimates. The Company's significant accounting judgments and estimation uncertainty are as described in the Company's Fiscal 2026 notes to the consolidated financial statements.

For the three and twelve months ended June 30, 2026, there were no material changes to the accounting policies of the Company from those reported in the Annual MD&A and annual financial statements.

The Company's financial instruments consist of cash and restricted cash, amounts receivable, interim production financing, accounts payable and accrued liabilities, and certain items included within other liabilities. The Company, through its financial assets and liabilities, has exposure to the following risks from its use of financial instruments: credit risk, interest rate risk, liquidity risk, and currency risk. Management monitors risk levels and reviews risk management activities as they determine to be necessary.

Credit risk

Credit risk is the risk of an unexpected loss if a customer or counter-party to a financial asset or liability fails to meet its contractual obligations, and arises primarily from the Company's cash and cash equivalents, and credit exposure to customers and partners through outstanding trade receivables and other receivables.

The maximum exposure to credit risk for cash and cash equivalents and trade receivables (excluding government and film tax credit and interest rate swap receivables) approximate the amount recorded on the consolidated balance sheets of $241.8 million (June 30, 2025 - $258.4 million). The Company manage credit risk on cash and cash equivalents by ensuring that the counterparties are banks, governments and government agencies with high credit ratings.

The balance of trade amounts receivable is mainly with streamers, consumer product licenses, toy companies and large international content distributions. Management manages credit risk by performing a credit assessment on new customers and regularly reviewing aged accounts receivables. To determine the loss allowance for trade receivables, management assessed the lifetime expected credit losses of customers by categorizing these customers into different risk profile groups and applying provision percentages based on historical loss rates and management's experience and judgment. The loss allowance for trade receivables represents approximately 6.0% of current trade receivables which management believes is adequate. Further, longterm receivable arrangements are only granted to large international linear and digital broadcasting companies with good payment history.

To manage the risk of non-collection, The Company has increased collection efforts with customers, risk-adjusted certain customers when determining a loss allowance, and in some limited cases provided customers with payment plans on past due amounts. The majority of other customers are large Canadian and international broadcasters, or large international distribution companies, and have very good collection histories with these clients.

Based on collections subsequent to the current quarter, and discussions with customers, the Company believes that the loss provision is adequate as of June 30, 2026.

Interest rate risk

The Company's interest rate risk primarily relates to its interim production financing, and cash and cash equivalents which are subject to interest rate benchmarks that fluctuate such as prime rate, SOFR rate, bankers acceptance rates, and other applicable interest rate benchmarks.

Management will continue to monitor the interest rate risk closely and ensure appropriate measures are implemented.

Liquidity risk

Liquidity risk is the risk that we will not be able to meet the Company's financial obligations as they come due. The Company manages liquidity by regularly preparing cash flow forecasts, and continuously monitoring actual and projected cash flows and matching the maturity profile of financial assets and liabilities. A summary of the Company's financial liabilities and their contractual maturities can be found in the "Contractual Obligations" section of this MD&A.

The Company operates a diverse range of business lines, including animation and live-action production studios, linear and digital content distribution, consumer products licensing and representation, and advertising sales. While the operating results may experience variability from period to period, operating cash flows are generally predictable based on the Company's production and content pipeline, contract renewals, royalty agreements and associated minimum guarantees. Significant cash outlays for investments are made after assessing return on investment and timing of cash flows.

As discussed above, all of the Company's significant business units are cash flow positive over the course of a year, while there are fluctuations during the year. The Company frequently review cash flows by business unit and actions are taken if and when necessary.

As of June 30, 2026, the Company had cash balances of $89.2 million and amounts receivable of $220.0 million. Based on the Company's cash balances, expected collection of trade and other receivables, and forecasted operating results, management believes it will be able to fulfill its financial obligations as they become due.

Risks Related to Indebtedness and Refinancing

On March 2, 2026, the Company fully repaid all amounts outstanding under its credit agreement consisting of the Term Loan Facility and Revolving Facility. As a result of the repayment, the credit agreement was terminated and no amounts were outstanding as at June 30, 2026.

As a result of the repayment and termination of the facility, the Company has no corporate borrowings outstanding and is not subject to any financial covenants under the former credit arrangement. The repayment of the credit facility was funded through the proceeds received from the sale of Peanuts.

Currency risk

The Company has global operations which require holding cash and working capital balances, generating revenue and incurring costs in foreign currencies. These activities result in exposure to fluctuations in foreign currency exchange rates. The Company periodically enters into foreign exchange forward contracts to manage foreign exchange risk across the portfolio of currencies which are primarily denominated in Canadian dollar, US dollar and GBP.

In Q3 2026, the Company entered into foreign exchange hedging arrangements in the form of a forward contract to manage exposure to movements in foreign currency exchange rates in respect of the Canadian dollar proceeds from the sale of 41% of Peanuts Holding LLC and the use of those proceeds to pay down the US Dollar denominated Senior Secured Credit Facility. The notional amount of the contracts entered into was approximately US$400 million. The forward contract was settled at the close of the Peanuts transaction and a loss of $2.4 million was recognized within foreign exchange loss.

The Company is exposed to a number of specific and general risks that could affect the Company that each reader should carefully consider. Additional risks and uncertainties not presently known to the Company or that we do not currently anticipate will be material, may impair our business and results of operations and as a result could materially impact our business, results of operations, prospects, and financial condition. The specific and general risks include, but are not limited to the following: epidemics, pandemics or other public health crises, including the outbreaks like COVID-19, the magnitude and length of economic disruption as a result of a worldwide outbreak like COVID-19 and its impact on advertising markets and the consumer products and retail sectors including, among other things, supply chain disruptions which could materially and adversely impact the Company's business, financial condition, and performance, competition and competitor activities, product development and acceptance, risks associated with trade restrictions, trade laws and unexpected changes in regulatory requirements, the direct and indirect impact of tariffs including tariffs on the production of non-US produced content, the ability of the Company to acquire, develop and exploit entertainment properties, the Company's ability to source IP and creative talent who can develop IP, consumer and customer preferences, the ability of the Company to execute on its strategy, the ability of the Company to identify and execute on production, distribution and licensing arrangements, dependence on key third party relationships and partnerships, termination or renegotiation of contracts, litigation or regulatory or arbitral action, unauthorized disclosure of confidential, proprietary or sensitive information, cybersecurity and informational technology incidents and issues, internal conflicts of interest, financial reporting and other public company regulatory obligations and potential errors therein, the ability of the Company to attract and retain talent, reliance on key personnel, risks relating to the Company's exposure to advertising revenues through YouTube and the ability of the Company to attract and realize on advertising revenues, including through YouTube and on other platforms, adverse publicity, risks related to doing business internationally, interest and foreign exchange rates fluctuations, the reliance of the Company on the Internet and other technologies to continue to conduct its business, technology changes, intellectual property infringement and other claims, the ability of the Company to exploit its content library, access to capital, maintaining effective internal controls, equity capital markets risk and market share price fluctuations, loss of Canadian status, access to government incentives, subsidies, and tax credits, the availability of acquisition and investment opportunities at acceptable valuations and the ability to execute on such opportunities, production risks, financial risks and dilution from the Company's capital requirements, labour relations, changes in the regulatory environment, general economic and market segment conditions, recessions, market factors, and catastrophic events and circumstances.

Global political instability and its associated economic repercussions (including, but not limited to, sanctions and restrictions on international payment services) subject the Company and its business to a number of known and unknown risks. Additionally, the Company's business and financial results may be materially and adversely impacted due to other factors arising from such situation, including, but not limited to, non-collectability of receivables, significant delays in exports or imports, supply chain interruptions in general, the potential effect of bans and other sanction programs, further boycotts on business, other political and social ramifications, impacts on financial markets and general economic effects, and patterns of consumption and service.

A discussion of the specific and general risks affecting the Company and its business is set forth under the heading "Risk Factors" in the Company's Fiscal 2026 Annual Information Form which is available on SEDAR+ at https://www.sedarplus.ca. The descriptions of the risks in the Annual Information Form, together with the risks discussed in this MD&A, do not include all possible risks, and there may be other risks of which the Company is currently not aware or is not presently anticipating that may arise and have a material adverse effect on the Company's business, results of operations, prospects, financial condition, financial performance and cash flows.

The Company's Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO") have designed or caused to be designed under their supervision, disclosure controls and procedures to provide reasonable assurance that material information is gathered and reported to senior Management to permit timely decisions regarding public disclosure and to provide reasonable assurance that the information required to be disclosed in reports that are filed or submitted under Canadian securities legislation is recorded, processed, summarized, and reported within the time period specified in those rules.

The CEO and the CFO have also designed, or caused to be designed under their supervision, internal controls over financial reporting to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes.

In its annual filings for the year ended June 30, 2026 dated September 23, 2026, the CEO and the CFO, after evaluating the effectiveness of the Company's disclosure controls and procedures, and internal control over financial reporting, concluded that as of June 30, 2026, both the Company's disclosure controls and procedures, and internal control over financial reporting were effective. It should be noted that a control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues, including instances of fraud, if any, have been detected.

There were no changes in internal controls over financial reporting during the period ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, the Company's internal controls over financial reporting.

In addition to the results reported in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board, the Company uses various non-GAAP financial measures, which are not recognized under IFRS Accounting Standards, as supplemental indicators of our operating performance and financial position. These non-GAAP financial measures are provided to enhance the user's understanding of our historical and current financial performance and our prospects for the future. Management believes that these measures provide useful information in that they exclude amounts that are not indicative of our core operating results and ongoing operations and provide a consistent basis for comparison between periods. The following discussion explains the Company's use of certain non-GAAP financial measures for continuing and discontinued operations, which are Adjusted EBITDA, Adjusted EBITDA attributable to the Shareholders of the Company, Gross Margin, Gross Margin % and Free Cash Flow.

Investors are cautioned that these non-GAAP financial measures should not be construed as an alternative measure to net income or loss, or other measures as determined in accordance with GAAP, or as an indicator of the Company's financial performance or a measure of liquidity and cash flows.

"Adjusted EBITDA" means earnings (loss) before net finance costs, income taxes, amortization of property & equipment and right-of-use and intangible assets, amortization of acquired and library content, equity-settled share-based compensation expense, changes in fair value of embedded derivatives, gain/loss on foreign exchange, reorganization, development and other expenses, impairment of certain investments in film and television programs/acquired and library content/P&E/intangible assets/goodwill, and gain on sale of discontinued operations. Adjusted EBITDA is not an earnings measure recognized by GAAP and does not have a standardized meaning prescribed by GAAP; accordingly, Adjusted EBITDA may not be comparable to similar measures presented by other issuers. Management believes that certain lenders, investors and analysts use Adjusted EBITDA to measure a company's ability to service debt and meet other payment obligations, and as a common valuation measurement in the media and entertainment industry. The most comparable GAAP measure is earnings before income taxes.

Adjusted EBITDA is also presented at the reportable segment level, calculated as segment gross margin less segment selling, general and administrative expenses and is the measure of segment performance regularly reviewed by the Company's chief operating decision maker. Consolidated Adjusted EBITDA differs from Segment Adjusted EBITDA by corporate selling, general and administrative expenses and consolidation adjustments not allocated to reportable segments.

"Adjusted EBITDA attributable to the Shareholders of the Company" means Adjusted EBITDA excluding the portion of Adjusted EBITDA attributable to non-controlling interests.

"Gross Margin" means revenue less content, distribution, marketing and other costs. Gross Margin is not an earnings measure recognized by GAAP and does not have a standardized meaning prescribed by GAAP; accordingly, Gross Margin may not be comparable to similar measures presented by other issuers. Management believes Gross Margin is a useful measure of profitability before considering operating and other expenses and can be used to assess the Company's ability to generate positive net earnings and cash flows. The most comparable GAAP measure is gross profit, as calculated below.

"Gross Margin %" is calculated by dividing Gross Margin by Revenue. Management uses Gross Margin % to measure the underlying financial performance of the business.

"Free Cash Flow" means operating cash flow less distributions to non-controlling interests, changes in interim production financing, cash interest paid on long-term debt, bank indebtedness and lease liabilities, and principal repayments on our lease liabilities. Free Cash Flow does not have a standardized meaning prescribed by GAAP; accordingly, Free Cash Flow may not be comparable to similar measures presented by other issuers. Management believes Free Cash Flow is a useful measure of the Company's ability to repay debt, finance strategic business acquisitions and investments, pay dividends, and repurchase shares. The most comparable GAAP measure is cash from operating activities.

In Q1 2026 the Company announced that it would cease operating the Canadian Television Broadcasting operations in Q2 2026. Broadcast ceased on October 22, 2025 and the Company's broadcast licenses were revoked on October 31, 2025. In Q2 2026, the segment become abandoned and was reclassified as discontinued operations. In Q2 2026, the Company signed a definitive agreement to sell its 41% stake in Peanuts, the holding entity for the Peanuts IP, to Sony Music Entertainment (Japan) Inc. and Sony Pictures Entertainment Inc. Both Television and Peanuts are reported in net income from discontinued operations.

The following table reconciles loss before income taxes from continuing operations to Adjusted EBITDA from continuing operations, and to Adjusted EBITDA from continuing operations attributable to the Shareholders of the Company, for each three-month period ending as follows:

(expressed in thousands of

Fiscal 2026

Fiscal 2025

Fiscal

Fiscal

Canadian dollars) 30-Jun 31-Mar 31-Dec 30-Sept 30-Jun 31-Mar 31-Dec 30-Sept

(Loss) income before income

2026

2025

Amortization of acquired and

library content 944 748 683 652 854 1,580 1,135 1,121 3,027 4,690

Write-down of certain investment in film and television programs, acquired and library content, and intangible assets

Share-based compensation Reorganization, development and

other expenses1

Corporate SG&A and consolidation adjustments not allocated to segments2

Segment Adjusted EBITDA3 Deduct: Corporate SG&A and

consolidation adjustments not

allocated to segments2 Adjusted EBITDA from

continuing operations

Adjusted EBITDA attributable to non-controlling interest

Adjusted EBITDA from continuing operations attributable to the Shareholders

of the Company $ (3,952) $ 5,796 $ 14,859 $ 4,100 $ 8,081 $ 4,246 $ 11,546 $ 2,776 $ 20,803 $ 26,649

1. Refer to Reorganization, development and other sections for information regarding how each component is described.

2. Comprises corporate selling, general and administrative expenses and consolidation adjustments and eliminations that are not allocated to the reportable segments.

3. Segment Adjusted EBITDA is the aggregate of Adjusted EBITDA for the Company's three reportable segments, which is the measure of segment performance regularly reviewed by the Company's chief operating decision maker. Consolidated Adjusted EBITDA differs from Segment Adjusted EBITDA by corporate selling, general and administrative expenses and consolidation adjustments not allocated to reportable segments, which is an adjustment in arriving at Adjusted EBITDA but is not a reconciling item in Note 26.

4. Portion of Adjusted EBITDA attributable to non-controlling interests is calculated as net income attributable to non-controlling interests, less interest, taxes, depreciation and amortization attributable to non-controlling interests.

In Q2 2026, Television and Peanuts is reported in net income from discontinued operations. The following table reconciles income before income taxes from discontinued operations to Adjusted EBITDA from discontinued operations, and to Adjusted EBITDA from discontinued operations attributable to the Shareholders of the Company, for each three-month period ending as follows:

(expressed in thousands of

Fiscal 2026

Fiscal 2025

Fiscal

Fiscal

Canadian dollars) 30-Jun 31-Mar 31-Dec 30-Sept 30-Jun 31-Mar 31-Dec 30-Sept

(Loss) income before income taxes from discontinued operations

add back:

Finance (income) costs, net Change in fair value of embedded

derivatives

Foreign exchange loss (gain)

Amortization of P&E and intangible assets

Amortization of acquired and library content

Write-down of certain investment in film and television programs, acquired and library content, and intangible assets

Gain on sale of discontinued operation

Reorganization, development and other expenses1

Adjusted EBITDA from discontinued operations

Adjusted EBITDA attributable to non-controlling interest

Adjusted EBITDA from discontinued operations attributable to the Shareholders

2026

2025

of the Company $ 52 $ 5,448 $ 22,569 $ 16,779 $ 16,543 $ 21,852 $ 14,703 $ 12,549 $ 44,848 $ 65,647

1. Refer to Reorganization, development and other sections for information regarding how each component is described.

2. Portion of Adjusted EBITDA attributable to non-controlling interests is calculated as net income attributable to non-controlling interests, less interest, taxes, depreciation and amortization attributable to non-controlling interests.

The following table reconciles revenue from continuing operations less content, distribution, marketing and other costs from continuing operations to gross margin from continuing operations, for each three-month period ending as follows:

The following table reconciles revenue from discontinued operations less content, distribution, marketing and other costs from discontinued operations to gross margin from discontinued operations, for each three-month period ending as follows:

(expressed in thousands of

Fiscal 2026

Fiscal 2025

Fiscal

Fiscal

Canadian dollars) 30-Jun 31-Mar 31-Dec 30-Sept 30-Jun 31-Mar 31-Dec 30-Sept

2026

2025

Revenue $ - $ 42,070 $ 126,293 $ 67,584 $ 61,734 $ 67,262 $ 67,996 $ 52,338 $ 235,947 $ 249,330

less: Content, distribution,

marketing and other costs1 $ - $ (24,676) $ (69,971) $ (30,241) $ (30,042) $ (28,175) $ (34,872) $ (23,119) $ (124,888) $ (116,208)

Gross Margin from

discontinued operations $ - $ 17,394 $ 56,322 $ 37,343 $ 31,692 $ 39,087 $ 33,124 $ 29,219 $ 111,059 $ 133,122

(1) During the production of content where the Company has distribution rights, a portion of the direct costs of production are capitalized into Investment in Film and television programs for amortization over the course of distribution revenues. With the sale of the Company's interest in Peanuts, the Company no longer owns distribution rights to certain produced content. The benefit received from the Investment in Film and television programs capitalization has been presented as part of discontinued operations.

The following table reconciles cash flow from operating activities to Free Cash Flow, for each three-month period ending as follows:

Additional information related to WildBrain, its business and subsidiaries, including its AIF is available on SEDAR+ at https://www.sedarplus.ca.